The Economic and Financial Crimes Commission has recovered over N5bn and $10m from contractors and government officials indicted in the fraud in the turnaround maintenance of the nation’s refineries in Port Harcourt, Kaduna and Warri.
A report by Sunday PUNCH said that the anti-graft agency was working to recover another N10bn and $13m allegedly siphoned through contractors engaged in the maintenance.
The EFCC Chairman, Ola Olukoyede, according to the report, took personal charge of the investigation because of the high-profile nature and magnitude of the fraud
Nigeria’s four refineries have been largely dormant for decades despite several attempts at rehabilitation.
Successive administrations have budgeted billions of dollars for their turnaround maintenance, but the facilities in Warri, Kaduna, and Port Harcourt have continued to underperform, forcing the country to rely heavily on imported petroleum products.
The EFCC is said to be probing the sum of $1,559,239,084.36 allocated to the Port Harcourt refinery, $740,669,600 released for the Kaduna refinery, and $656,963,938 approved for the Warri refinery.
Top sources at the anti-graft agency said that fraudulent practices, including over-invoicing, contract inflation, and questionable payments, were largely responsible for the inability of the refineries to function despite huge public spending over the years.
[The Punch]
